Veterinary Vaccines Market Size to Reach Valuation of USD 12.75 Billion by 2027
The trend of using fewer antibiotics and the rising usage of vaccines as an effective treatment for zoonotic disorders are driving the veterinary vaccines market.
The global veterinary vaccines market is projected to value nearly USD 12.75 Billion by 2027. The growth of the market is attributable to the growing threats of zoonotic diseases and disorders coupled with the increasing inclination for using fewer harsh antibiotics.
Additionally, increasing incidences of livestock disorders are estimated to fuel the growth of the global veterinary vaccines market. However, the lack of appropriate standards, coupled with improved quality controls, is restraining the growth of the global veterinary vaccines market. Nonetheless, the increasing safety of medicines and vaccines is estimated to offer several opportunities for growth in the coming future.
Key Highlights of Report
In January 2020, Automazioni VX, Inc. and Merck Animal Health entered into a cooperative agreement for collaboration and to launch Innoject Pro. This technology is developed for subcutaneous injection vaccination of chicken to save them from infection.
Based on the type, the poultry sub-segment dominated the global veterinary vaccines market and is projected to witness faster growth by expanding at a CAGR of 7.0% during the forecast period. This growth is attributable to the factors such as increased demand for risk-free pet food and growing focus on the development of new animal protection practices.
Based on administration, the injection sub-segment is expected to lead in terms of market share by the end of the forecast period. This segmental growth is attributable to a surge in demand for injection vaccines for the protection of animal health.
Based on the technology, the inactivated sub-segment of the market is projected to dominate in terms of revenue and retain its dominance over the forecast period. This growth is attributable to the growing demand for inactivated vaccines as these offer flexibility in the shipping and preserving simple.
Based on infection type, the viral sub-segment is expected to remain dominant in the market during the forecast period owing to the growing prevalence of viral infections among livestock. Additionally, the viruses such as the Nipah virus infection, canine influenza, avian influenza, bird flu, and swine flu.
Regionally, the North America region is anticipated to dominate the global veterinary vaccines market over the forecast period. This growth is attributable to the rising incidence of animal diseases coupled with the rising population of pets in the U.S.
Key players operating in the global veterinary vaccines market include Bayer AG, Zoetis Inc., Virbac SA, Eli Lilly and Company, Merck KGaA, Phibro Animal Health Corporation, Aptimmune Biologics Inc., Elanco Animal Health Incorporated, Dechra Pharmaceuticals PLC, and Laboratorios HIPRA, S.A.